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Welcome to the Data-Driven Supply Chain
New IoT data sources are allowing companies to apply tried-and-true methodologies, from the manufacturing world to supply chain management.
Feb 18, 2018—
Specifically, companies are using new IoT tools to track shipments across a global supply chain and attain real-time data for key metrics, such as delays and damage rates, for each leg of a shipment's journey. Armed with these new, comprehensive datasets, managers can adapt many of the most impactful data-driven manufacturing strategies to supply chain.
Statistical Process Control
Manufacturers use control charts to optimize assembly steps, such as drilling a hole to a precise diameter or cutting a part to a specific length, but supply chains also have critical dimensions that benefit from optimization. These variables include trip durations, mishandling rates, temperature excursion rates and so on. With real-time data regarding shipment damages or delays, managers can apply SPC analysis to the supply chain and get a heads-up as soon as a variable goes out of control.
For example, by comparing durations for a given route against past data, a supply chain manager can determine that a certain leg of a given route is experiencing excessive delays. Similarly, a comparison of the frequency of shock events a shipment experiences can highlight certain routes or locations as particularly prone to damages. Without access to data, this sort of analysis is difficult to impossible. Even if total trip duration is known, real-time visibility is necessary to determine exactly when and where along a route an issue is taking place. Internet of Things (IoT) tools give managers the data they need to isolate important variables and be notified as soon as an excursion occurs.
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